Economic History of the U.S.
John Maynard Keynes famously wrote, “The ideas of economists and political
philosophers, both when they are right and when they are wrong, are more
powerful than is commonly understood. Indeed the world is ruled by little
else. Practical men, who believe themselves to be quite exempt from any
intellectual influence, are usually the slaves of some defunct economist.”
Coming out of the Great Depression, John Maynard Keynes and Frederick
Hayek developed very different understandings of what constituted effective
and appropriate economic policy. In this essay you should compare their
philosophies and explain the impact of their intellectual influence on post-
WWII macroeconomic policy.